This paper explores the relationship between financial reforms, financial liberalization and the quality of banking regulation and supervision for financial fragility by applying a dynamic two-step system generalized method of moments GMM panel estimator technique. The finding of this study is...

This paper studies whether the volume and composition of capital flows affect the degree of credit crunch during the 2007-2009 crisis. Using data on 3823 firms in 24 emerging countries, we find that, on average, the decline in stock prices was more severe for firms that are intrinsically more...

This paper addresses the relationship between stock markets and credit default swaps (CDS) markets. In particular, I aim to gauge if the co-movement between stock prices and sovereign CDS spreads increases with the deterioration of the credit quality of sovereign debt. The analysis of...

The National Football League (NFL) has recently received significant negative media attention surrounding the safety of its players, revolving largely around the long term health risks of playing the sport. Recent premature deaths and instances of suicide associated with chronic traumatic...

This paper traces the roots of collateral flow and its potential vulnerabilities in the shadow banking system to their regulatory capital treatment in the banking sector. As part of assessing the interaction of banking regulation and the shadow banking sector, it investigates the impact of bank...

From the dawn of civilization, the ever-growing sophistication of human society, division of labour, specialization, and comparative advantage rendered trade an indispensable part of any human enterprise. The need for trade begets the need for finance, and as trade becomes globally...

The European Markets Infrastructure Regulation (EMIR) allows to burden a clearing obligation on non-financial corporates, which formerly did not necessarily clear their business. We give ten recommendations on how to cope with this obligation. These are motivated by a case study for which we...

We show that multinational firms transmit shocks across countries through their internal capital markets. We study a credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through internal lending, became financially constrained...

Green bonds are financial instruments that deliver both returns and environmentally positive outcomes. They can be a key part of strategies to incorporate climate action into financial decision-making and help developing countries meet their Paris Agreement and Sustainable Development Goal...

This Article is a rejoinder to a comment by Professor Romano on an earlier paper I coauthored with Christian Kirchner. Professor Romano suggests regulatory arbitrage, rather than the targeted regulation of bank lending to hedge funds under Basel III, as a hedge against systemic failure. I...